Yesterday, the pound was also affected by Mark Carney’s announcement he would be staying at the Bank of England until January 2020.

The news was generally seen as positive, although there was some surprise Carney’s term would be extended much longer.

Explaining how this affected the pound, Laura said: “UK wage growth data might have beaten forecasts, but the news wasn’t enough to send the pound higher on Tuesday.

“GBP instead slipped back slightly on the news that Mark Carney’s tenure as Governor of the Bank of England (BoE) is only going to be extended until 2020 - many had hoped the central bank chief would stay in office longer.”

Chancellor Philip Hammond made the announcement to MPs yesterday, with the additional seven months added to Carney’s tenure.

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It is the second extension since Mr Carney took the position in 2013, with an initial five-year term.

The government has decided to extend his tenure with Brexit less than 200 days away.

Fears of the “turbulent period” for the UK economy on 29 March when the UK and the EU led to the decision.

It also pushes back fears of finding a replacement for his role in light of the difficult economic period in the country.

“Even though I have already agreed to extend my time to support a smooth Brexit, I am willing to do whatever else I can in order to promote both a smooth Brexit and an effective transition at the Bank of England,” Mr Carney said last month.